Ether had a relatively good week, managing to recover some 5% of its market value, adding $7B to its market cap. Regardless of good weekly news, it is still too early to celebrate, since the dust over FTX contingencies is not settled, and market insecurity is still keeping investors aside. In this sense, it might take some time in the future until we see a clear ETH recovery, while based on ETH futures inverted price curve, markets are not expecting some significant increase in price of the coin until the end of next year. FED's monetary measures and unsecure macroeconomic environment are significantly adding to investor`s decreased confidence.
Previous week ETH started at a level of $1.150, which is the lowest level for the previous week. During the week, the coin was pushed higher, and was testing short term resistance at $1.3K. Considering significantly decreased daily trading volumes, there was just not enough market strength to push the price above this level, so the market reverted a bit to the downside. ETH is finishing the week around level of $1.260. RSI tried to break the 50 line, but still ended the week at this level. Market is still not ready for a clear road toward the overbought side. Moving averages of 50 and 200 days are slowing down their downtrend, but still continue to move as two parallel lines. There is still no indication on the potential for a cross to occur anytime soon.
Considering significantly decreased daily trading volumes, any sort of stronger recovery will be on hold. It might take even several weeks more. Investor’s hesitancy is on a stage now, and will be for some time in the future period. In this sense, it could be expected that ETH will continue to move within its current range, from the $1.2K support line, with some potential for $1.4K, but with lower probability.
Previous week ETH started at a level of $1.150, which is the lowest level for the previous week. During the week, the coin was pushed higher, and was testing short term resistance at $1.3K. Considering significantly decreased daily trading volumes, there was just not enough market strength to push the price above this level, so the market reverted a bit to the downside. ETH is finishing the week around level of $1.260. RSI tried to break the 50 line, but still ended the week at this level. Market is still not ready for a clear road toward the overbought side. Moving averages of 50 and 200 days are slowing down their downtrend, but still continue to move as two parallel lines. There is still no indication on the potential for a cross to occur anytime soon.
Considering significantly decreased daily trading volumes, any sort of stronger recovery will be on hold. It might take even several weeks more. Investor’s hesitancy is on a stage now, and will be for some time in the future period. In this sense, it could be expected that ETH will continue to move within its current range, from the $1.2K support line, with some potential for $1.4K, but with lower probability.
